Oil prices climbed sharply toward $110 per barrel on Sunday, reaching about $109.3 as rising tensions in the Middle East continued to shake global energy markets. According to Oilprice.com data, the steady increase reflects growing fears of supply disruption from one of the world’s most critical oil routes.
The surge comes after escalating warnings from U.S. President Donald Trump, who cautioned Iran that “the clock is ticking” as diplomatic talks to end the ongoing conflict continue to stall. His remarks followed renewed concerns over possible military action and the fragile state of a proposed ceasefire.
At the heart of the crisis is the strategic Strait of Hormuz, a key passage for global oil shipments. Iran has maintained influence over the waterway since tensions escalated in February, raising fears that any disruption could further tighten global supply and push prices even higher. Earlier proposals to reopen the strait and de-escalate the conflict have reportedly been rejected.
In a strongly worded post on Truth Social, Trump warned Iran to act quickly or face severe consequences, saying, “They better get moving FAST, or there won’t be anything left of them.” His stance comes amid continued diplomatic back-and-forth involving Israeli leadership, including discussions with Benjamin Netanyahu, as efforts to stabilize the region remain uncertain.
Meanwhile, responses from Tehran have remained firm. Iranian officials insist their position is “responsible,” while maintaining that the Strait of Hormuz remains open for commercial shipping under Iranian naval supervision. With global powers like Xi Jinping watching closely, even small shifts in the conflict are having outsized effects on oil markets, keeping traders on edge as prices continue to climb.
source: punch